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JM Financial Q2 FY27 results: net profit down 13.1% to ₹227.66 crore, revenue up 0.1%
JM Financial Limited reported consolidated revenue of ₹1,032.22 crore for Q2 FY27, broadly unchanged from ₹1,031.28 crore a year earlier, while profit after tax fell to ₹227.66 crore from ₹261.89 crore and basic EPS declined to ₹2.5 from ₹2.82. Against Q1 FY27, revenue fell 14.0% and PAT fell 38.2%, with no exceptional item reported in either quarter. On a standalone basis, revenue was ₹251.31 crore and PAT was ₹255.93 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹1,032.22 crore, up 0.1% from ₹1,031.28 crore in Q2 FY26.
- PAT fell 13.1% to ₹227.66 crore from ₹261.89 crore, and basic EPS fell to ₹2.5 from ₹2.82.
- Total expenses rose 4.8% to ₹733.14 crore from ₹699.89 crore, while other income rose 84.1% to ₹23.93 crore.
- H1 FY27 revenue rose 4.2% to ₹2,232.75 crore, but PAT fell 17.3% to ₹596.23 crore.
- The board declared an interim dividend of ₹1.65 per equity share of face value of ₹1 for FY2026-27.
How did JM Financial perform in Q2 FY27?
JM Financial reported consolidated revenue of ₹1,032.22 crore in Q2 FY27 for the July–September 2026 period, compared with ₹1,031.28 crore in Q2 FY26, a rise of 0.1%. Total income was ₹1,056.15 crore against ₹1,044.28 crore a year earlier. Profit before tax fell to ₹323.01 crore from ₹344.39 crore, and PAT was ₹227.66 crore against ₹261.89 crore, a fall of 13.1%. Basic EPS was ₹2.5 compared with ₹2.82.
Sequentially, revenue fell 14.0% from ₹1,200.53 crore in Q1 FY27, and PAT fell 38.2% from ₹368.57 crore. PBT was ₹323.01 crore against ₹455.54 crore, while basic EPS declined to ₹2.5 from ₹3.05. PAT margin fell to 22.1% from 30.7%, a decline of 8.6 percentage points. On a standalone basis for the quarter, revenue was ₹251.31 crore and PAT was ₹255.93 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,032 | 1,201 | 1,031 | +0.1% | −14.0% |
| Other income | 23.93 | 24.13 | 13 | +84.1% | −0.8% |
| Total expenses | 733.14 | 769.12 | 699.89 | +4.8% | −4.7% |
| Profit before tax | 323.01 | 455.54 | 344.39 | −6.2% | −29.1% |
| Tax | 95.48 | 86.80 | 89.46 | +6.7% | +10.0% |
| Net profit | 227.66 | 368.57 | 261.89 | −13.1% | −38.2% |
| EPS (₹) | 2.50 | 3.05 | 2.82 | −11.3% | −18.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in JM Financial's costs and profit?
Total expenses rose to ₹733.14 crore in Q2 FY27 from ₹699.89 crore in Q2 FY26, an increase of 4.8%. Employee cost rose 8.7% to ₹294.20 crore from ₹270.60 crore, finance costs rose 1.7% to ₹258.44 crore from ₹254.22 crore, depreciation rose 15.9% to ₹22.25 crore from ₹19.20 crore, and other expenses rose 7.1% to ₹87.47 crore from ₹81.64 crore.
Other income rose 84.1% to ₹23.93 crore from ₹13 crore, while tax expense rose 6.7% to ₹95.48 crore from ₹89.46 crore. There was no exceptional item in the quarter. PBT fell to ₹323.01 crore from ₹344.39 crore and PAT fell to ₹227.66 crore from ₹261.89 crore, with PAT margin at 22.1% against 25.4% a year earlier, a decline of 3.3 percentage points. The investor presentation reported pre-provisioning profit of ₹308 crore against ₹336 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Employee cost | 294.20 | 270.60 | +23.60 | +8.7% |
| Finance costs | 258.44 | 254.22 | +4.22 | +1.7% |
| Depreciation | 22.25 | 19.20 | +3.05 | +15.9% |
| Other expenses | 87.47 | 81.64 | +5.83 | +7.1% |
| Total expenses | 733.14 | 699.89 | +33.25 | +4.8% |
| Other income | 23.93 | 13 | +10.93 | +84.1% |
| Tax | 95.48 | 89.46 | +6.02 | +6.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, JM Financial reported consolidated revenue of ₹2,232.75 crore against ₹2,142.62 crore in H1 FY26, a rise of 4.2%. Total income was ₹2,280.81 crore against ₹2,165.51 crore, up 5.3%, while PBT fell to ₹778.55 crore from ₹936.95 crore and PAT fell to ₹596.23 crore from ₹720.66 crore.
Basic EPS for the first half was ₹5.55 compared with ₹7.57 in H1 FY26, a fall of 26.7%. The investor presentation showed net revenue of ₹1,595 crore against ₹1,488 crore and consolidated net profit of ₹531 crore against ₹724 crore, with annualised consolidated ROE of 9.8% for Q2 FY27 against 14.4% in Q2 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,233 | 2,143 | +4.2% |
| Profit before tax | 778.55 | 936.95 | −16.9% |
| Net profit | 596.23 | 720.66 | −17.3% |
| EPS (₹) | 5.55 | 7.57 | −26.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹25,786.64 crore as on 30 September 2026, against ₹26,537.22 crore as on 31 March 2026. Total equity rose to ₹11,558.54 crore from ₹11,358.08 crore, while cash fell to ₹218.95 crore from ₹472.19 crore and inventories were ₹127.21 crore against ₹127.5 crore. The investor presentation showed borrowings of ₹11,328 crore as on 30 September 2026, against ₹10,882 crore as on 30 June 2026, with gross debt-to-equity at 1.0x versus 1.1x a year earlier.
For H1 FY27, operating cash flow was negative ₹1,707.33 crore compared with negative ₹317.83 crore in H1 FY26. Investing cash flow was ₹2,027.97 crore against ₹1,230.97 crore, financing cash flow was negative ₹573.88 crore against negative ₹272.65 crore, and capital expenditure was ₹10.74 crore against ₹31.21 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 25,787 | 26,537 |
| Total equity | 11,559 | 11,358 |
| Cash and equivalents | 218.95 | 472.19 |
| Inventories | 127.21 | 127.50 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −1,707 | −317.83 |
| Cash from investing | 2,028 | 1,231 |
| Cash from financing | −573.88 | −272.65 |
| Capital expenditure | 10.74 | 31.21 |
Source: Company's results filing (XBRL).
How has JM Financial done over the last 8 quarters?
Revenue rose year on year in each of the last two quarters, with consolidated revenue reaching ₹1,200.53 crore in Q1 FY27 before falling to ₹1,032.22 crore in Q2 FY27. Revenue had peaked at ₹1,111.34 crore in Q1 FY26 among the earlier quarters and bottomed at ₹949.12 crore in Q4 FY26.
PAT reached a high of ₹458.77 crore in Q1 FY26 and a low of ₹161.92 crore in Q4 FY26, before rising to ₹368.57 crore in Q1 FY27 and falling to ₹227.66 crore in Q2 FY27. PAT margin was 22.1% in the latest quarter against 30.7% in Q1 FY27 and 25.4% in Q2 FY26. EBITDA margin figures were not given for the reported quarters.
Which businesses drove the quarter?
Wealth and Asset Management reported revenue of ₹369.27 crore, up 8.2% from ₹341.14 crore, with EBIT of ₹22.45 crore against ₹19.53 crore and an EBIT margin of 6.1%. Affordable Home Loans recorded revenue of ₹133.23 crore, up 21.8% from ₹109.4 crore, with EBIT of ₹25.6 crore against ₹17.69 crore and an EBIT margin of 19.2%.
Private Markets reported revenue of ₹253.73 crore, down 11.7% from ₹287.39 crore, with EBIT of ₹106.81 crore against ₹101.09 crore and an EBIT margin of 42.1%. Treasury and others showed revenue of ₹40.48 crore, down 37.7% from ₹64.96 crore, with EBIT of negative ₹2.83 crore against ₹19.13 crore. Corporate Advisory and Capital Markets reported revenue of ₹306.63 crore with EBIT of ₹170.98 crore and an EBIT margin of 55.8%; prior-quarter and year-ago comparisons for revenue and EBIT were not given.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Corporate Advisory and Capital Markets | 306.63 | 170.98 | 55.8% | |
| Wealth and Asset Management | 369.27 | +8.2% | 22.45 | 6.1% |
| Private Markets | 253.73 | −11.7% | 106.81 | 42.1% |
| Affordable Home Loans | 133.23 | +21.8% | 25.60 | 19.2% |
| Treasury and others | 40.48 | −37.7% | −2.83 | -7.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
At its meeting on 4 November 2026, the board approved the unaudited standalone and consolidated financial results for the second quarter and half year ended 30 September 2026, along with the limited review report of the statutory auditors, which carried an unmodified opinion. The board also declared an interim dividend of ₹1.65 per equity share of face value of ₹1 for FY2026-27.
The record date for the interim dividend is 11 November 2026, and payment is to be made on or after 20 November 2026 and within 30 days of declaration. The company also filed an investor presentation for the quarter on 4 November 2026. No fund raise or appointment was reported in the same-day filings.
What did JM Financial's management say?
Management said the non-core loan book is expected to substantially run down in the next 9-12 months and that it is expecting the first close of a second performing credit fund before year end. In the investor presentation, management identified Private Markets, Wealth and Asset Management, Wealth Management and Asset Management priorities, including strengthening origination, expanding manufacturing products and channelising wholesale expertise into the AIF platform.
Management said the firm retained IPO and QIP leadership by deal value in H1 FY2027, with a pipeline of about ₹1,30,000 crore across 48 transactions, and reported recurring wealth AUM of ₹39,596 crore, up 17% year on year. It also reported standard loans of ₹4,748 crore, up 22%, and Affordable Home Loan disbursements of ₹331 crore, up 48%.
Management highlighted risks including H1 consolidated net profit after non-controlling interests falling 26.6% to ₹531 crore, weaker Capital Markets earnings with employee cost up 34.0% in the quarter, lower mutual-fund assets under management, and Private Markets reporting ₹120 crore of net non-performing assets. The presentation noted expansion of affordable home loans, improving gross and net non-performing asset ratios, and a first close of the maiden Pre-IPO Fund with commitments of ₹700 crore.
How did JM Financial shares react?
After the filing, JM Financial's shares were down 1.2% five minutes after the results appeared, down 1.6% after 15 minutes and down 1.5% after 30 minutes. On the reaction day, the stock closed down 4.3% from the previous close of ₹113.56, against a base price of ₹111.0. The Holding Company industry median rose 2.0% over the same closes, so the stock's move was 6.3 percentage points below the industry median.
Earlier results-day moves were mixed: the stock fell 0.7% on 3 August 2026, fell 9.9% on 29 May 2026, fell 2.3% on 5 February 2026 and fell 1.6% on 6 November 2025, while it rose 5.7% on 11 August 2025, 3.7% on 12 May 2025 and 2.1% on 28 January 2025.
| After the filing | Stock | Holding Company median |
|---|---|---|
| 5 minutes | −1.2% | |
| 15 minutes | −1.6% | |
| 30 minutes | −1.5% | |
| Reaction day | −4.3% | +2.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 3 August 2026 | −0.7% |
| 29 May 2026 | −9.9% |
| 5 February 2026 | −2.3% |
| 6 November 2025 | −1.6% |
| 11 August 2025 | +5.7% |
| 12 May 2025 | +3.7% |
| 28 January 2025 | +2.1% |
| 25 October 2024 | −0.1% |
Source: MarketPing price-reaction measurement.
Quick answers
What was JM Financial's revenue in Q2 FY27?
Revenue from operations was ₹1,032 crore, up 0.1% from ₹1,031 crore in Q2 FY26 (consolidated).
Did JM Financial make a profit in Q2 FY27?
Yes. Net profit was ₹227.66 crore, against a net profit of ₹261.89 crore in Q2 FY26.
What was JM Financial's EPS in Q2 FY27?
Basic earnings per share were ₹2.50, against ₹2.82 in Q2 FY26.
How did JM Financial shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.3% from the previous close; the median Holding Company stock moved +2.0%.
When did JM Financial announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration Of Unaudited Financial Results For The Second Quarter And Half Year Ended September 30, 2026. (BSE, 6 October 2026) · PDF
- Outcome of Board Meeting (NSE, 4 November 2026) · PDF
- The investor presentation (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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